“Does anyone think it would be a good idea to do this all over again in six months?” said Schumer. “[It] would leave a cloud of default hanging over our heads for the next several months.

The senator from New York also declared that if Republicans vote against the Reid plan, it means they want to default. “Every time we seem to be making a little progress, they walk away,” said Schumer, referring to the Republicans’ insistence that a deal fall squarely within their own parameters.

“We have moved in their direction so many different times, and they don’t budge,” Schumer added. “Here, we move totally in their direction. Their proposal doesn’t move an inch in our direction.”

“There are 100 people in the House who don’t care if we default, who are extreme and ideological,” Schumer continued.”Those 100 people do not represent America.”

“The plan would make a meaningful down payment in addressing our fiscal challenge, and we could continue to work together to build on it with a balanced approach to deficit reduction that includes additional spending reforms and closing tax loopholes for corporations, millionaires and billionaires,” read the White House statement.

The legislation will be introduced on the floor sometime Monday night.

UPDATE: Details of Reid’s spending cuts, sent to The Daily Caller, are as follows.